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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 1,126 · FY2024 90 — 3-yr total 1,216
Operates in Retail — Apparel. Per the activity note to the FY2024 annual report, the company wholesales and retails imported clothing, footwear, perfumes and accessories.
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 18.2% | 18.9% | 44.8% | 42.2% | 48.6% | 53.4% | 50.5% | 51.8% |
| EBITDA Margin | 10.1% | 10.8% | 21.8% | 20.1% | 29.6% | 29.3% | 22.5% | 21.8% |
| EBITDAR | 2,102 | 2,893 | 10,273 | 9,177 | 20,949 | 28,510 | 32,340 | 41,581 |
| EBITDAR Margin | 10.3% | 11.1% | 24.9% | 23.8% | 32.8% | 32.2% | 25.1% | 24.6% |
| EBIT Margin | 9.6% | 10.6% | 7.0% | 0.7% | 15.3% | 17.1% | 11.6% | 11.8% |
| Net Profit Margin | 8.1% | 9.9% | -2.2% | -32.1% | 21.7% | 20.0% | 5.0% | 7.2% |
| Operating Expense % of Sales | 8.2% | 8.0% | 23.0% | 22.1% | 19.0% | 24.1% | 28.0% | 30.0% |
| Returns | ||||||||
| Return on Assets (ROA) | 15.3% | 16.0% | -1.8% | -22.4% | 26.6% | 20.9% | 5.0% | 7.7% |
| Return on Equity (ROE) | 52.1% | 51.6% | -12.2% | N/A | 174.1% | 69.0% | 20.6% | 28.2% |
| ROIC [EBIT / Invested Capital] | 24.8% | 29.2% | 6.6% | 0.5% | 23.0% | 21.0% | 14.1% | 15.6% |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 43.9% | 42.6% | 72.7% | 99.1% | 68.4% | 58.1% | 62.2% | 61.1% |
| Debt-to-Equity | 1.50x | 1.37x | 4.97x | -9.25x | 4.49x | 1.92x | 2.56x | 2.23x |
| Debt-to-EBITDA | 2.30x | 2.42x | 4.16x | 7.05x | 1.89x | 1.91x | 2.74x | 2.61x |
| Equity-to-Assets | 29.3% | 31.1% | 14.6% | -10.7% | 15.3% | 30.2% | 24.3% | 27.4% |
| Net Debt | 4,717 | 4,471 | 36,293 | 53,038 | 34,652 | 46,379 | 75,286 | 84,782 |
| Cash & Equivalents | 14 | 2,389 | 1,061 | 1,729 | 1,165 | 3,116 | 4,199 | 11,213 |
| Total Debt | 4,731 | 6,860 | 37,354 | 54,767 | 35,817 | 49,495 | 79,485 | 95,995 |
| Liquidity & working capital | ||||||||
| Current Ratio | 1.57x | 1.58x | 1.30x | 0.84x | 1.32x | 1.61x | 1.24x | 1.30x |
| Quick Ratio | 1.46x | 1.50x | 0.16x | 0.08x | 0.17x | 0.30x | 0.19x | 0.23x |
| Cash Ratio | 0.00x | 0.25x | 0.07x | 0.05x | 0.07x | 0.15x | 0.10x | 0.17x |
| Total Current Assets | 10,054 | 15,262 | 20,651 | 26,721 | 23,280 | 33,568 | 52,919 | 84,408 |
| Total Current Liabilities | 6,414 | 9,690 | 15,872 | 31,794 | 17,640 | 20,831 | 42,635 | 64,862 |
| Inventory | 704 | 745 | 18,186 | 24,317 | 20,216 | 27,264 | 44,622 | 69,213 |
| Trade Receivables | 8,206 | 10,546 | 32 | 115 | 467 | 145 | 488 | 97 |
| Trade Payables | 1,796 | 2,397 | 5,829 | 4,388 | 6,203 | 4,841 | 10,422 | 9,515 |
| Net Working Capital | 3,640 | 5,572 | 4,779 | -5,073 | 5,640 | 12,737 | 10,284 | 19,546 |
| Net Working Capital % of Revenue | 17.8% | 21.3% | 11.6% | -13.1% | 8.8% | 14.4% | 8.0% | 11.6% |
| Trade Working Capital | 7,114 | 8,894 | 12,389 | 20,044 | 14,480 | 22,568 | 34,688 | 59,795 |
| Trade Working Capital % of Revenue | 34.8% | 34.0% | 30.0% | 51.9% | 22.6% | 25.5% | 26.9% | 35.4% |
| Change in Trade Working Capital | N/A | 1,780 | 3,494 | 7,655 | -5,564 | 8,088 | 12,120 | 25,107 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | 23.71x | 28.46x | 1.25x | 0.92x | 1.63x | 1.52x | 1.43x | 1.18x |
| Days Inventory Outstanding (DIO) | 15.4 | 12.8 | 291.2 | 398.2 | 224.6 | 240.8 | 255.3 | 309.7 |
| Receivables Turnover | 2.49x | 2.48x | 1288.89x | 336.52x | 136.93x | 611.44x | 264.22x | 1743.64x |
| Days Sales Outstanding (DSO) | 146.7 | 147.2 | 0.3 | 1.1 | 2.7 | 0.6 | 1.4 | 0.2 |
| Payables Turnover | 9.30x | 8.85x | 3.91x | 5.08x | 5.30x | 8.54x | 6.12x | 8.57x |
| Days Payable Outstanding (DPO) | 39.3 | 41.2 | 93.3 | 71.9 | 68.9 | 42.8 | 59.6 | 42.6 |
| Cash Conversion Cycle | 122.8 days | 118.8 days | 198.1 days | 327.4 days | 158.3 days | 198.7 days | 197.0 days | 267.3 days |
| Asset Turnover | 1.90x | 1.62x | 0.80x | 0.70x | 1.22x | 1.04x | 1.01x | 1.08x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -1,290 | 1,127 | 3,447 | -1,549 | 21,252 | 16,404 | 11,842 | 6,357 |
| Free Cash Flow (OCF − Capex proxy) | -1,290 | 1,067 | 3,247 | -2,854 | 19,956 | -28 | -1,671 | 2,507 |
| Cash Conversion (OCF / EBITDA) | -62.8% | 39.7% | 38.4% | -19.9% | 112.1% | 63.2% | 40.8% | 17.3% |
| Dividends Declared | 0 | 735 | 1,886 | 1,128 | 0 | 0 | 1,126 | 90 |
| Dividend Payout Ratio | 0.0% | 28.4% | N/A | N/A | 0.0% | 0.0% | 17.6% | 0.7% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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